I am new to this forum and this is the first lease offer I have dealt with. After answering my two questions please tell me anything more you think would be helpful.
The property is in Haltom City with this legal description: All that certain lot… described as Lot No. 1 of W. E. Wade’s subdivision… out of the J. W. Elliston [John Elliston A-472] Survey in Tarrant County, Texas…
Chesapeake is offering a signing bonus of $1,500.00 per net mineral acre, a 20% royalty, and a 3 year primary term + 2 year option to extend.
- Is Chesapeake the only one leasing and drilling in this area?
- Is this the typical lease bonus and royalty for this area or are higher bonus and royalty being negotiated?